Rupee back to 53 against dollar

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Rupee back to 53 against dollar
The Indian rupee depreciated further and seen above 53 against dollar on the backdrop of euro zone worries.

At 1.25pm IST partially redeemable rupee was at Rs 53.03 per dollar

The rupee has been trading fragile since opening trade, moved in a range between Rs 52.75 and Rs 53.10 per dollar.

Yesterday, European Central Bank President Mario Draghi painted a worrisome picture about the European economy and said substantial risks to the economy remain by ruling out the chances of government bond purchases. He further said that the law forbids him from increasing government bond purchases to fight the crisis.

The news turned negative for the currency market, but the greenback remained firm against the basket of currencies.

Domestically, high inflation and large fiscal deficit also one of the main factors driving rupee down against the US dollar.

The benchmark Sensex opened on a positive note, then slipped into the negative terrain, which affected the rupee sentiment further.

At 1.30 pm IST, BSE was seen trading at 15,360.00 down by 19.34 points or 0.13%. The 50-share NSE was at 4569.80 down by 43.30 points or 0.94%.

Read more about: currency, bse, nse, inflation
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